Even swap rate numbers on 1mm+ loans aren't that low, even with 20% down. 

If you are just swapping out a new FAU with furnace, condensor and evap coil and not touching any ductwork and don't have to replace line set and can use the existing electrical, you are looking at about $4500 or so for a 4ton unit.

I also told my broker that I will change companies before I rip out a closet to swap out a perfectly good hot water heater.

The reason being is they have the wall sleeve there, so swapping them out and making repairs becomes pretty simple. 

From the seller's perspective, swapping out a 3% commission for a 3% seller credit towards "closing costs" is a wash come tax time.The solution thus far is obvious, however...Fannie Mae is going to get in the way, because on investment properties seller credits towards "closing costs" are capped at 2%.I believe that should give you some tools to work with. :)First time homebuyers, as always, work with a Realtor.

If it's the worst case senario, then it looks like swap till I drop looks like the easiest way to deal with it.

So having that "starter condo" in the portfolio allowed me to play around with my properties like a real life Monopoly game by swapping out the mortgages, having my choice of which of my properties I wanted to live in, etc.

From this information, you can adjust your price to reflect current market condition - or make a property adjustment (swap out a light fixture, something simple/inexpensive).Are you marketing the apartment during the showing - or are you sharing lease terms? 

What I would do in your position is hire an electrician for the panel swap and whatever other electrical work needed, hire a flooring guy for the floors, hire a window guy for the windows and find a good handyman willing to work for a reasonable hourly wage for the rest of the random punch-list type stuff which you won’t really know the true scope of until you start pulling things apart.

I should also add that we are likely going to wait a year or so before making any major decisions and in the meantime just maintain the furnaces and swap out 1 or 2 outdated and undersized window units.